MN Vanguard- state form required- spam?

[bizlady]

I received the following today from Vanguard. I am suspicious as the form seems to be for employees, the email did not have my name, and I have no idea what the address in TX is.

Anyone else in MN receive this?

 

[ivinsfan]

Why don't you just Google the form? As a resident of that state I 100% believe this is legit. They can never have enough of your money.

 

[bizlady]

I did Google the form before posting, and the form says it is for pensions or employees… Neither of which I think apply to my IRA at Vanguard

 

[youbet]

I'm not in Mn, but.......

It looks like that unless you're making IRA withdrawals and requesting zero state withholding, you don't need to do anything.

If you are making IRA withdrawals with zero state withholding, and want to continue doing so, you'll have to submit this form. Call Vanguard and ask about the Tx address or ask for instructions on how to submit it securely via their website.

This is one of those rare cases where in similar situations I appreciate the local Schwab B and M office. I'd call my rep and find out what's up. If it's legit and applies to me, he would take care of the downloading, printing, filling out, etc., and just have me stop by, review and sign it.

 

[ivinsfan]

Odd because it clearly says IRA on the form. Hubby hasn't taken his distribution yet so I'll need to research it too.

 

[SecondCor521]

I'm not in MN, and I didn't receive the email. But I'm a Vanguard customer.

I don't see why you think it looks like it is for employees. It looks to me like it is for any MN resident receiving a pension or annuity. (Does that describe you?)

For such a specific email being sent to a large number of people, I wouldn't expect them to personalize it, but I agree it would have been better if they did.

I found the MN W-4MNP form, and it does say to send it to the financial institution in its instructions.

I did find the Vanguard El Paso address in the following Vanguard document: https://personal.vanguard.com/pdf/CFVBSStatementBacker.pdf.

It looks legitimate to me. If I were in your shoes I'd probably confirm it by calling Vanguard at a customer service phone number displayed on the Vanguard website while logged into my account.

 

[youbet]

I did Google the form before posting, and the form says it is for pensions or employees… Neither of which I think apply to my IRA at Vanguard

The following three things must be true for you to need to take action:

1. Reside in Minnesota
2. Making IRA withdrawals or plan to begin
3. Requesting zero state income tax withholding

When the form is said to be for "employees," that just means it's for employees rather than for their employer to fill out (in the case of pensions), which makes perfect since. In the case of IRA withdrawals, it means it's for you, and not the IRA custodian (Vanguard in your case) to fill out.

Are you making IRA withdrawals?

 

[jazz4cash]

The only possible risk I see is if you click on the link in the email. I would type mn.gov directly into a browser search box IF you need to be exempted from state withholding.

The state website says this…

“Beginning with payments made on or after January 1, 2022, Minnesota requires withholding on annuity and pension payments unless the recipient asks you not to withhold.

Have the recipient use Form W-4MNP, Minnesota Withholding Certificate for Pension and Annuity Payments to determine allowances or opt out of withholding on these payments.”

So it looks legit.

 

[JoeWras]

In many states, the word "pension" also applies to IRA withdrawals when it comes to tax discussions.

 

[jim584672]

Looks legit, address is good, form is a thing.

 

[Aerides]

Any time I'm not sure, I:

• type the links directly, sometimes into an incognito browser (NEVER click the email)
• mouse-over the links to make sure they come up the same as displayed
• double check the sender actual address. Is is "@ vanguard dot com" or "@ something else" - it's what's after the @ that's key.
  
  And in this case with just a screen shot we can't tell either way. So don't click anything.

 

[MarieIG]

It looks legit but - don't click on the link, call them to confirm. I do recall an El Paso address when I was working on a 401k rollover (didn't end up using it).